Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.21.2
LEASES (Tables)
6 Months Ended
Jun. 30, 2021
LEASES  
Schedule of future lease payments of operating lease and finance lease

    

2021

    

2022

    

2023

    

2024

    

2025

Operating lease payments (1)

$

106,263

$

349,127

$

356,991

$

376,855

$

384,719

Financing lease payments (2)

147,811

122,676

(1) The weighted average discount rate as of June 30, 2021 for operating leases was 4.5%. Based on this rate, the future lease payments above include imputed interest of $181,985.
(2) The weighted average discount rate as of June 30, 2021 for financing leases was 5.3%. Based on this rate, the future lease payments above include imputed interest of $7,043.
Schedule of lease cost

Three months ended June 30,

Six months ended June 30,

2021

    

2020

2021

    

2020

Operating lease costs

$

84,790

$

272,063

$

356,307

$

581,258

Short term lease costs (1)

1,046,025

1,290,128

1,938,514

2,142,077

Financing lease costs:

Amortization of financing lease assets (2)

68,625

71,853

104,464

143,706

Interest on lease liabilities (3)

4,078

8,028

9,006

16,850

(1) Amount included in Oil and gas production costs
(2) Amount included in Depreciation, depletion and amortization
(3) Amount included in Interest expense